History of Auctions

It seems that auctions have touched almost every century, every industry and every nationality – this list I gave you was just a small sample. Auctions date back so far in history, that no one really knows for sure how they started or who started them.

The First Auctions

Records handed down from ancient Greek scribes document auctions occurring as far back as 500 B.C. At that time, women were auctioned off as wives. And, in fact, it was considered illegal to allow a daughter to be "sold" outside the auction method.
A "descending" method was used for these auctions, starting with a high price and going lower until the first person to bid was the purchaser, as long as the minimum price set by the seller was met. The buyer could get a return of money if he and his new spouse did not get along well, but unlike a horse, maidens could not be "tried" before auction.


Women with special beauty were subject to the most vigorous bidding and the prices paid were high. Owners of the less attractive women had to add dowries or other monetary offers in order to make the sale.
In Rome, Italy, around the time of Christ, auctions were popular for family estates and to sell war plunder. Roman Emperor and philosopher Marcus Aurelius sold family furniture at auctions, for months, to satisfy debts.
Roman soldiers sold war plunder at auction. The licensed auctioneer, called "Magister Auctionarium," drove a spear into the ground to start the auction. Today we use an auction gavel.


Auctions Come to America

American auctions date back to the Pilgrims' arrival on America's Eastern Shores in the 1600s and continued in popularity during colonization with the sale of crops, imports, clapboard, livestock, tools, tobacco, slaves and even entire farms. Selling at auction was the fastest and most efficient means to convert assets into cash.
Fur was especially big during this time. In his book, "Going, Going, Gone!," Bellamy Partridge says "the Bible and the beaver were the mainstays of the Pilgrims, the Good Book saving their souls and the beaver paying their bills."
Initially, the furs were collected from Native Americans in the fall and winter, utilizing the "private treaty" method of exchange for "wampum" (the Native American word which meant money). The raw pelts (or hides) were transported to the closest shipping port. In the spring of each year, the auction method was used to sell the raw peltries to the European merchants who arranged the transcontinental voyage to the Old World. Once the ships returned to the port in Europe, the peltries were auctioned to manufacturers, who would process them for the retail market. The early fur trade was chiefly responsible for the settlement and development of North America.